- total loss facing banks, as estimated now by Bridgewater Associates - the world’s second largest hedge fund.
The figure trumps the previous highs of $1,300bn estimated by John Paulson and before that, $1,000bn, from the IMF. The Bridgewater figure comes from a leaked report in Swiss newspaper Sonntags Zeitung, as picked up by Paul Kedrosky - who kindly translates the opening pars:Westport (USA) - The expected losses from the financial crisis will reach $1600 billion. To-date financial institutions have so far announced only $400 billion....MORE
Monday, July 7, 2008
I've always been fascinated by big numbers and fast computers. From FT Alphaville: